The Declaration and Disclosure System on the Cross-Boundary Movement of Large Quantities of Physical Currency and Bearer Negotiable Instruments
Introduction
The Cross-boundary Movement of Physical Currency and Bearer Negotiable Instruments Ordinance (Cap. 629) (the Ordinance), being effective from 16 July 2018, establishes a declaration and disclosure system on the cross-boundary transportation of large quantities of currency and bearer negotiable instruments (CBNIs) into and out of Hong Kong for the purposes of anti-money laundering and counter-financing of terrorism.
According to the Ordinance, any person arriving at Hong Kong’s control points and in possession of currency or bearer negotiable instruments (such as traveller’s cheques) with a total value of more than HKD120,000, is required to use the Red Channel under the Red and Green Channel System to make a declaration to a Customs officer. Other arriving persons and persons leaving Hong Kong are also required to make a disclosure if requested by a Customs officer. Travellers can pre-fill CBNIs information through the E-form Submission for Passenger Information (Currency and Bearer Negotiable Instruments) or fill out the paper declaration form. For details, please visit www.customs.gov.hk/en/passenger_clearance/instruments/index.html.
In respect of the importation and exportation of a large quantity of CBNIs (i.e. CBNIs of a total value of more than HKD120,000) as cargo in one batch, an advance electronic declaration must be made to the Customs and Excise Department via the Currency and Bearer Negotiable Instruments Declaration System. For details, please visit www.customs.gov.hk/en/cargo_clearance/instruments/index.html.
Offenders are liable to a maximum fine of HKD500,000 and imprisonment for two years.